Bitcoin price climbs near all-time high amid bearish options sentiment
Bitcoin holds gains above 100K
Bitcoin price is heading into the weekend firmly bullish, having logged its fifth straight weekly advance, and is currently hovering just under $104,000 which is roughly 5% shy of its all-time high at $109,345.
The price action this week has been defined by four consecutive daily bullish closes, each building on the last in both size and volume. Thursday’s upmove stood out, breaking above the closely watched $100,000 threshold and eclipsing the previous February high of $103,000.
This consistent uptrend comes even as technical signals now point to overbought conditions. The RSI has entered extreme territory across multiple timeframes, which often precedes a pullback or slowdown in momentum. Yet, despite these stretched indicators, the price has so far shown resilience, consolidating near $104,000 on Friday.
Bitcoin options worth $2.65B expire today as max pain is set below spot price
The context grows more interesting when viewed alongside today’s options expiry event. Approximately $2.65 billion worth of Bitcoin options contracts totalling 25,925 are set to expire, and the max pain point sits at $94,000, nearly $10,000 below the spot price. This suggests that the majority of open contracts stand to lose value at current levels. Notably, the put-to-call ratio is 1.05, indicating more protective bets than bullish ones heading into expiry.
BTC price dynamics (Dec 2024 - May 2025). Source: TradingView
According to the max pain theory, there is a tendency for prices to gravitate toward levels that cause the greatest financial loss to option holders. Hence, the confluence of Bitcoin’s overbought RSI and the $94,000 max pain level highlights a potential risk of short-term profit-taking. As options expiry pressure builds and price trades far above the level where most contracts lose value, the odds of a pullback is increases, especially given how stretched technical conditions have become.
If a retracement does occur, the $100,000 mark now serves as the most critical near-term support both psychologically and technically following Thursday’s breakout. Holding above that level will be key to sustaining the rally and challenging the all-time high in the sessions ahead.
Bitcoin rallied toward $100K after Powell’s hawkish tone boosted bullish sentiment. RSI hit overbought levels as price closed higher for four consecutive days.
